OREANDA-NEWS. June 7, 2012. Extraordinary General Meeting of Eesti Energia held on 1 June 2012 passed the resolution by which the share capital of the company will be increased by 150 million euros.

The company's share capital increases from 471.6 million euros to 621.6 million euros through issue of 150 million new shares with nominal value of 1 euro to the sole shareholder, the Republic of Estonia.

The proceeds will be used to finance the company's capex program. Eesti Energia AS is a state-owned energy company in Estonia with its headquarters in Tallinn. The company operates in Estonia, Latvia, Lithuania, Finland, Jordan and the United States. In Estonia the company operates under the name Eesti Energia, while using the brand name Enefit for international operations. The main raw material for energy production – oil shale – is extracted from mines owned by the company.

The government considered the initial public offering of shares of the company.